A’s Owner John Fisher Exits MLS With $625M Earthquakes Deal

The San Jose Earthquakes have been sold to Heath Freeman, one of the founding members of private equity firm Alden Global Capital, in a deal that values the Major League Soccer club at $625 million.

The deal, announced Friday afternoon, sees Freeman buying the team and its home stadium, PayPal Park, from billionaire John Fisher, who also owns the Athletics of Major League Baseball. Financial details were not disclosed, but a source familiar with the matter confirmed to Front Office Sports that the deal carries an enterprise value of $625 million. The Earthquakes are one of the founding MLS teams (the league’s debut season was in 1996).

The agreement is expected to be completed “in the coming weeks.” Once that happens, Freeman will be the Earthquakes’ new principal owner and represent the team on the MLS board of governors. The news marks the end of a sale process that first launched in June of last year. 

“Our vision is simple—winning on and off the field for San Jose and the entire region,” Freeman said in a statement. 

In addition to serving as president of Alden Global Capital since 2014, Freeman is chairman of Tribune Enterprises LLC, which owns the Chicago Tribune and South Florida Sun Sentinel. The Earthquakes are not his first foray into sports; Freeman is also managing partner of the Florida Freedom of Professional Bull Riders and executive chairman of beach volleyball league AVP. The football field at Duke University’s Koskinen Stadium, his alma mater, is named Freeman Field.

The announcement of his acquisition comes ahead of this year’s MLS playoffs, which kick off Nov. 19. The Earthquakes, which finished in fourth place in the Western Conference with a record of 14-10-10, open the postseason Nov. 24 at home against the Houston Dynamo.

For Fisher—an heir to his family fortune through The Gap retail empire—the deal marks his exit from MLS after nearly two decades of ownership (he bought the Earthquakes in 2007).

“My family and I have loved owning this club for almost 20 years, and we are extremely grateful for the support of our amazing fans as well as the hard work of all of our coaches, players and staff,” Fisher said in Friday’s press release.

Fisher’s A’s, which have been playing in Sacramento since moving out of Oakland in 2024, expect to start playing full-time in Las Vegas in 2028. A 33,000-capacity stadium on the Strip is currently under construction. It was originally expected to cost about $1.5 billion, but the cost has risen to a little over $2 billion. The A’s have not yet received approval from the U.S. Patent and Trademark Office to own the “Las Vegas Athletics” name, although experts expect the team will eventually obtain those rights. 

In July, the new private equity firm from former Mavericks owner Mark Cuban and Falcons minority owner Rashaun Williams agreed to buy a minority stake in the A’s. One week later, it was announced that former MLB pro Chan Ho Park is leading a group that will plug $70 million into the A’s.